Top Papers: The best insights from April

Uncertainty is the new state of the world: What can be done?

Below you will find a number of the best insights from April—and earlier in the year—that cover everything from energy to AI, portfolio diversification to market volatility, and from economic uncertainty to private markets. Oh, and maybe something to do with tariffs! 

Expecting the Unexpected with More Robust Bond Portfolios (BNP Paribas AM)

The U.S. economy has been weaker than expected. Concerns over inflation have risen, and uncertainty over economic policy has raised volatility.

Tariffs and Market Volatility (Fisher Investments)

For compliance reasons, this paper is only accessible in certain geographies

Fear today is high, though it should fall as worried anticipation melts into acceptance and unknowns become known.

A Playbook for Navigating Uncertainty in Volatile Markets (MFS)

For compliance reasons, this paper is only accessible in certain geographies

What are financial securities? They're simply derivatives of what the aggregate investor base believes about future cash flows.

A Bond Index Fund’s Balancing Act: Tracking Error and Cost (Vanguard)

For compliance reasons, this paper is only accessible in certain geographies

While aligning the key risk factor exposures of a portfolio with its benchmark helps minimize risk factor-based tracking error, transaction costs also need attention.

Navigating Private Credit through Market Cycles (Manulife IM)

For compliance reasons, this paper is only accessible in certain geographies

Providing capital to the private equity community through sponsored finance means choosing your partners carefully and staying in the market, in both good times and bad.

Global Data Centres Report 2025 (Knight Frank)

The task ahead is to build infrastructure that not only supports innovation but also safeguards sustainability, security, and equity.

Navigating Markets & Narratives: Evidence from Long-Term Investors (IFSWF)

This report reveals how institutional investors and SWFs implemented their capital flow and portfolio reallocation decisions over the past year.

Is the Green Energy Transition Dead? (Bridgewater Associates)

Across the world’s major economies, policy is shifting to reinforce energy security and industrial competitiveness relative to climate leadership.

Elite U.S. Endowments: Government Funding and Liquidity Pressure (MPI)

Federal funding cuts could impose significant financial strain on universities, though some institutions rely more heavily on government support than others.

Megatrending 2025 (Pictet AM)

This paper explores key themes across three major sections: society, environment, and technology. All of these dynamics will shape markets for years to come.

How Doomed Is the Dollar? (State Street)

One of the most striking shifts in markets over the last two months has been the growing realization that the backdrop of the U.S. economy was challenging the consensus view.

Energy and AI (IEA)

There has been a step change in the capabilities of AI, driven by falling computation costs, a surge in data availability and technical breakthroughs.

FDI: Global Implications of "America First" Policies (Citi)

The authors of this paper see risks skewed toward a strengthening of FDI, but the implications of Trump administration economic policies strike them as a pivotal question for the U.S. economy.

What Does a Bear Market for Small-Cap Stocks Mean? (Morningstar Indexes)

According to academic research, stocks with small market capitalizations outperform over the long term.